wfn.org | ELCA Mission Investment Fund Announces New Rates, Loan Option

[NEWS@ELCA.ORG]

ELCA NEWS SERVICE

July 28, 2004

ELCA Mission Investment Fund Announces New Rates, Loan Option
04-138-DD*/JB

     CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the
Evangelical Lutheran Church in America (ELCA) announced new interest rates
for loans to ELCA congregations and related ministries, and a new 10-year
loan option with a fixed interest rate.
     The MIF's primary mission is to provide loans to mission
congregations to purchase land and construct church buildings and to
established ELCA congregations for renovation, expansion and relocation
projects.
     "Through the investments and loans it offers, the MIF provides a firm
foundation from which ELCA congregations can continue their long and
effective tradition of witness and service," said Andy Waters, MIF vice
president and director of operations.
     Interest rates from July 1 through September 30, 2004, for ELCA
congregations, synods and ELCA-related institutions such as colleges,
universities, seminaries and social service agencies, are:
     + MIF Long-Term Loans (5.25 percent): Church building loans generally
involve two loans -- a short-term loan to finance construction and a
long-term loan to pay off the construction loan.  This loan combines the
two types of loans for projects such as renovations, building additions,
relocations, purchases of land and refinancing of debt from other
financial institutions.
     + MIF Construction Loans: (6 percent):  These loans are generally
offered for periods of six to 12 months, depending on the length of
construction.
     + MIF Loans for Smaller Projects (5.25 percent): Made for shorter
periods of time, these loans finance special projects, such as repairs to
church facilities. They are available in amounts from $20,000 to $100,000.

New 10-Year, Fixed Interest Rate Loan Available
     The MIF also announced the availability of a loan with a maximum
10-year amortization and a fixed interest rate. Previously MIF Long-Term
Loans and MIF Loans for Smaller Projects were available to congregations
and ELCA-related institutions with a maximum amortization of 20 years and
interest rate reviews every five years.  The rate in effect July 1 to
September 30, 2004, for the new 10-year, fixed-rate loan is 5.5 percent.
     "The terms of this loan will be attractive to ministries that want to
lock in an interest rate over time," Waters said. "Borrowers will know
exactly what their mortgage payments will be over the lives of their
loans."
----
* David Dalton is marketing editor for the Mission Investment Fund.

     Information about applying for MIF loans can be obtained by calling
(877) 886-3522 (toll free) or via e-mail at mif@elca.org.  The MIF is at
www.elca.org/mif on the ELCA Web site.

For information contact:
John Brooks, Director (773) 380-2958 or news@elca.org
http://www.elca.org/news